Question: Given a $5,000 loan at 8% for 90 days, compare the interest accrued using the standard method (365 days) and the bankers' rule. Then

Given a $5,000 loan at 8% for 90 days, compare the interest

Given a $5,000 loan at 8% for 90 days, compare the interest accrued using the standard method (365 days) and the bankers' rule. Then give an example of when the bankers rule is in your favor. David obtained a 3-year, $6,000 discounted loan at 6%. Find the discount and the amount of money David received.

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